The Nasdaq Listings Qualifications department sent Amedica a letter saying the minimum bid price per share for its common stock was below $1 for 30 consecutive business days, meaning the company didn't meet the minimum bid price required in the Nasdaq Listing Rule.
Here are six things to know:
1. Amedica stock will not be immediately unlisted; the stock will continue to trade uninterrupted under AMDA.
2. Amedica's management plans to resolve the situation to allow the company's continued listing on the Nasdaq Capital Market.
3. There is a 180 calendar-day grace period for Amedica to becoming in compliance with the $1 minimum bid price requirement — meaning Amedica has until Aug. 18, 2015 to meet the requirement.
4. Amedica stock must reach at least $1 closing price for 10 consecutive business days before Nasdaq will provide written compliance confirmation, thus closing the matter.
5. If Amedica is not able to come into compliance with the rule during the compliance period, the company could still qualify for additional time.
6. The Nasdaq letter became public on Feb. 20, and Amedica stock price closed at $0.80 on Feb. 20. The stock also opened at $0.80 on Feb. 23.